Joining the group makes Israel viewed as an even more attractive and safe place for investments and increases the cooperation and legal assistance that Israel can expect from other countries.

The Justice Ministry on Monday announced that Israel has been selected to join an elite global task force for combating the financing of terrorism and money-laundering.

The force’s top officials are currently visiting Israel.

Joining the group makes Israel an attractive and safe place for investments and increases the cooperation and legal assistance that Israel can expect from other countries, said the ministry.

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by a number of countries, mainly led by the G-7, committed to fighting the increased financing of global terrorism and money-laundering, which was stumping various authorities.

The FATF says it sets “standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.”

In other words, “the FATF is…a ‘policy-making body’ which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.”

FATF president Je-Yoon Shin explained that the FATF had selected Israel as a strong new member to join the group “in light of the great contribution that it has to make to the organization,” particular in terms of Israel’s “strategic geographic and cultural” connections within the Middle East.

Shin complimented Israel on its “continued improvements” in combating the financing of terrorism and money-laundering in recent years.

Justice Minister Ayelet Shaked, who met with Shin’s delegation, stated that “the State of Israel is committed to taking its part in the global struggle against money-laundering and financing terrorism as is clear from the substantial improvement that has taken place in these areas” of law enforcement in Israel.

She added, “I was happy to hear from the delegates that they see Israel as a global standout source of knowledge and expertise in” these areas.

Dr. Shlomit Wegman-Rotner, acting head of the Israel Money Laundering and Terrorism Financing Prohibition Authority, said Israel’s selection to join the group is an event of “tremendous importance” in helping influence the global fight on the issue.

On its website, the FATF notes that the issues it deals with are no longer brand, but “the recent scale of the issue in relation to the conflict in Syria and Iraq is disturbing.”